Rates of Income Tax
A. Normal Rates
-
Tax Rates for Individuals/HUF/AOP/BOI
For A.Y. 2018-19 (Refer Notes)
|
Income
|
Rate (%)
|
Up to ₹ 250,000*
|
NIL
|
₹ 250,001 to ₹ 500,000
|
5%
|
₹ 500,001 to ₹ 1,000,000
|
20%
|
Above ₹ 1,000,000
|
30%
|
Surcharge of 10% applicable, if total income exceeds ₹ 50,00,000/- and Surcharge of 15% applicable, if the total income exceeds ₹ 1,00,00,000/-.
|
Education Cess @ 2% and Secondary and Higher Education Cess @ 1% leviable on tax
|
Notes:
- * Threshold limit for a resident individual who is of the age of 60 years or more but less than 80 years will be ₹3,00,000/- and for a resident individual who is of the age of 80 years or more will be ₹5,00,000/-.
- Rebate up to ₹2,500/- from tax if taxable income is below ₹3,50,000/-, to a resident individual
- Marginal relief available.
For A.Y. 2019-20 (Refer Notes)
|
Income
|
Rate (%)
|
Up to ₹ 250,000*
|
NIL
|
₹ 250,001 to ₹ 500,000
|
5%
|
₹ 500,001 to ₹ 1,000,000
|
20%
|
Above ₹ 1,000,000
|
30%
|
Surcharge of 10% applicable, if total income exceeds ₹ 50,00,000/- and Surcharge of 15% applicable, if the total income exceeds ₹ 1,00,00,000/-.
|
Health and Education Cess @ 4% leviable on tax
|
Notes:
- * Threshold limit for a resident individual who is of the age of 60 years or more but less than 80 years will be ₹3,00,000/- and for a resident individual who is of the age of 80 years or more will be ₹5,00,000/-
- Rebate up to ₹2,500/- from tax if taxable income is below ₹3,50,000/-, to a resident individual.
- Marginal relief available.
-
Tax Rates for Firms (including Limited Liability Partnership)
Asst. Year
|
Tax %
|
Surcharge %
|
Education Cess/Secondary & Higher Education Cess %
|
Total %
|
2018-19
|
30
|
0/12
|
3
|
30.90/34.608
|
2019-20
|
30
|
0/12
|
4*
|
31.20/34.944
|
Surcharge applicable in case of firm having a total income exceeding ₹1,00,00,000/-.
|
* Health and Education Cess
Notes:
- Marginal relief available.
-
Tax Rates for Domestic Companies other than (a) & (b) below
Asst. Year
|
Tax %
|
Surcharge %
|
Education Cess/ Secondary & Higher Education Cess %
|
Total %
|
2018-19
|
30
|
0/7/12
|
3
|
30.90/33.063/ 34.608
|
2019-20
|
30
|
0/7/12
|
4*
|
31.2/33.384/ 34.944
|
Surcharge @ 7% if total income above ₹ 1,00,00,000/- and Surcharge @ 12% applicable if total income above up to ₹ 10,00,00,000/-
|
* Health and Education Cess
Notes:
- Marginal relief available.
(a) Tax Rates for companies where turnover or gross receipts in previous year 2015-16 does not exceed ₹ 50 crores
Asst. Year
|
Tax %
|
Surcharge %
|
Education Cess/ Secondary & Higher Education Cess %
|
Total %
|
2018-19
|
25
|
0/7/12
|
3
|
25.75/27.5525/ 28.84
|
Surcharge @ 7% if total income above ₹ 1,00,00,000/- and Surcharge @ 12% applicable if total income above up to ₹ 10,00,00,000/-
|
Marginal Relief available in all the above cases.
(b) Tax Rates for companies where turnover or gross receipts in previous year 2016-17 does not exceed ₹ 250 crores
Asst. Year
|
Tax %
|
Surcharge %
|
Education Cess/ Secondary & Higher Education Cess %
|
Total %
|
2019-20
|
25
|
0/7/12
|
4
|
26/27.82/29.12
|
Surcharge @ 7% if total income above ₹ 1,00,00,000/- and Surcharge @ 12% applicable if total income above up to ₹ 10,00,00,000/-
|
-
Tax Rates for foreign companies (on income other than Royalty and Fees for Technical Services)
Asst. Year
|
Tax %
|
Surcharge %
|
Education Cess/ Secondary & Higher Education Cess %
|
Total %
|
2018-19
|
40
|
0/2/5
|
3
|
41.20/42.024/ 43.26
|
2019-20
|
40
|
0/2/5
|
4*
|
41.60/42.432/ 43.68
|
* Health and Education Cess
Notes:
- Surcharge @ 2% if total income is above ₹1,00,00,000/- and up to ₹10,00,00,000/- and @ 5% if total income above ₹ 10,00,00,000/-.
- Marginal relief available.
-
Dividend Distribution Tax (A.Ys. 2018-19 & 2019-20)
Income
|
Tax %
|
Surcharge %
|
Education Cess/ Secondary & Higher Education Cess (Health & Education Cess) %
|
Total %
|
(i) Under Section 115-O
Other than deemed dividend u/s. 2(22)(e)
|
17.647
(17.647)
|
12
(12)
|
3
(4)
|
20.3576
(20.5552941)
|
(ii) U/s. 115-O applicable to deemed dividend u/s. 2(22)(e)
|
— (30)
|
— (12)
|
— (4)
|
— (34.944)
|
(iii) Buy-back of unlisted shares by domestic companies
|
20
(20)
|
12
(12)
|
3 (4)
|
23.072 (23.296)
|
Bracket is for A.Y. 2019-20
Note:
- Parent company will be allowed set off of dividend received from its subsidiary in computing its dividend distribution tax subject to certain conditions.
-
Co-operative Society
Income A.Y. 2018-19
|
Rate %
|
Education Cess/Secondary & Higher Education Cess %
|
Total %
|
Up to ₹ 10,000
|
10
|
3
|
10.3
|
₹ 10,001 to ₹ 20,000
|
20
|
3
|
20.6
|
₹ 20,001 and above
|
30
|
3
|
30.9
|
Income A.Y. 2019-20
|
Rate %
|
Health Education Cess
|
Total %
|
Up to ₹ 10,000
|
10
|
4
|
10.40
|
₹ 10,001 to ₹ 20,000
|
20
|
4
|
20.80
|
₹ 20,001 and above
|
30
|
4
|
31.20
|
Assessment Year 2019-20, surcharge of 12% applicable, if total income exceeds ₹ 1,00,00,000/-.
|
Notes:
- Marginal relief available.
B. Special Rates
-
Long Term Capital Gains
- On Equity shares and units
Long term capital gains arising on transfer of equity shares on a recognised stock exchange in India or units of an equity oriented Mutual Fund (if more than 65% of total proceeds of the fund are invested in equity shares), and on which Securities Transaction Tax is chargeable.
For A.Y. 2018-19
For all assessees Nil – Exempt under section 10(38).
For all Assessees
|
A.Y. 2019-20
|
Up to ₹ 1,00,000
|
Nil
|
Above ₹ 1,00,000
|
10%
|
- On other assets and equity shares, units except falling in (a) above for A.Ys. 2018-19 and 2019-2020
Income Tax on Long Term Capital Gains
|
Resident Individual or HUF
|
20%
|
Domestic Companies
|
20%
|
Non-residents
|
20%
|
NRIs (for gains u/s. 115E)
|
10%
|
Any other case
|
20%
|
Surcharge and Education Cess and Secondary Higher Education Cess, (For A.Y. 2019-20 Health and Education Cess) as applicable
|
Notes:
- In case of Resident Individual and HUF, where tax liability arises only because of the inclusion of long term capital gains, tax to be levied at 20% or 10% as the case may be, on the excess over the minimum exemption limit.
- No deduction under Chapter VIA (80C to 80U).
-
Short Term Capital Gains
- On Equity shares and units
Short term capital gains arising on transfer of equity shares on recognised stock exchange in India or units of an Equity Oriented Mutual Fund (if more than 65% of total proceeds of the fund are invested in equity shares), and on which Securities Transaction Tax is chargeable.
For All Assessees
|
15% plus Surcharge, plus Education Cess & Secondary and Higher Education Cess (For A.Y. 2019-20 Health and Edcation Cess) as applicable
|
Notes:
- In case of resident individual and HUF, relief from STCG available in respect of the amount by which the taxable income other than STCG falls short of Basic Exemption Limit.
- No deduction under Chapter VI-A (80C to 80U).
b.
On Short Term Capital Gains on Assets other than in (a) above
|
At normal slab rates
|
-
Minimum Alternate Tax payable by Companies – As a percentage of Book Profit
Type of companies
|
Domestic Company
|
Foreign Company
|
A.Y. 2018-19
|
Below ₹ 1 crore
|
₹ 1 crore to ₹ 10 crore
|
Above ₹ 10 crore
|
Below ₹ 1 crore
|
₹ 1 crore to ₹ 10 crore
|
Above ₹ 10 crore
|
Rate of Tax
|
18.5
|
18.5
|
18.5
|
18.5
|
18.5
|
18.5
|
Surcharge
|
–
|
7
|
12
|
–
|
2
|
5
|
Education Cess
|
3
|
3
|
3
|
3
|
3
|
3
|
Effective Rate
|
19.055
|
20.3888
|
21.3416
|
19.055
|
19.4361
|
20.0077
|
A.Y. 2019-20
|
Below ₹ 1 crore
|
₹ 1 crore to ₹ 10 crore
|
Above ₹ 10 crore
|
Below ₹ 1 crore
|
₹ 1 crore to ₹ 10 crore
|
Above ₹ 10 crore
|
Rate of Tax
|
18.5
|
18.5
|
18.5
|
18.5
|
18.5
|
18.5
|
Surcharge
|
–
|
7
|
12
|
–
|
2
|
5
|
Health & Education Cess
|
4
|
4
|
4
|
4
|
4
|
4
|
Effective Rate
|
19.24
|
20.5868
|
21.5488
|
19.24
|
19.6248
|
20.202
|
Notes:
- MAT Credit allowed to be carried forward for set off for 15 years.
- Marginal relief available.
- Rate of Tax will be 9% if the assessee is a unit located in an International Financial Services Centre and derives income in convertible foreign exchange.
- Alternate Minimum Tax (AMT)
Type of Entity
|
Other than Companies
|
A.Y. 2018-19
|
Below ₹ 1 crore
|
Above ₹ 1 crore
|
Rate of Tax
|
18.5
|
18.5
|
Surcharge
|
–
|
12
|
Education Cess
|
3
|
3
|
Effective Rate
|
19.055
|
21.3416
|
A.Y. 2019-20
|
Below ₹ 1 crore
|
Above ₹ 1 crore
|
Rate of Tax
|
18.5
|
18.5
|
Surcharge
|
–
|
12
|
Health & Education Cess
|
4
|
4
|
Effective Rate
|
19.24
|
21.5488
|
Notes:
- AMT credit allowed to be carried forward for set off for 15 years
- Marginal relief available.
- Rate of Tax will be 9% if the assessee is a unit located in an International Financial Services Centre and derives income in convertible foreign exchange.
- Advance Tax
Assessment Years 2018-19 & 2019-20
|
Advance Tax Obligation (If tax payable exceeds ₹ 10,000)
|
Due Date of Instalment payable on or before
|
Amt. Payable as a % of Tax (For all Assessees)
|
15th June
|
15%
|
15th September
|
30%
|
15th December
|
30%
|
15th March
|
Balance
|
No advance tax to be paid by senior citizen if he/she does not have income under head "Profit and Gains of Business or Profession".
*MAT also subject to Advance Tax. Refer Circular No. 13 of 2001, [252 ITR (St) 52]
**AMT also subject to Advance tax.
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